ounce, oil giving back to dollars to $47.83. nicole: thank you for watching "fbn a.m.," special coverage all day and we turn it over to "mornings with maria" and say good morning to you. maria: i am maria bartiroma, friday, june 24th at 6 am eastern. breaking news, busy morning, chaos in global markets, the united kingdom votes to leave the european union. prime minister david cameron has resigned. he will step down by october. >> the british people have voted to leave the european union and there will must be respected. i will do everything i can as prime minister to steady the ship over the coming weeks and months but i do not think it will be right for me to try to be the captain that steers our country to its next destination. maria: the historic vote sending global markets into a state of shock. us future stumbling after a surprise leave vote.

dow component like goldman sachs, jpmorgan deep in the red in early trading, we have it all covered. in europe the selling we are seeing is heavy, the s&p 500, 300 points lower, the cac quarante in paris down 8% and the dax index in germany down 7%. it had been down 10% in early trading. the british pound crashing to the lowest level in 31 years. look at the pound right now. as expected on a leave vote the pound is plummeting. asia closing deep in the red led by japan. the nikkei average which ended the day down 8% finished 7.9%. the other major averages down, breaking down all those with simon constable from the wall street journal and kevin kelly, recon capital partners chief investment officer. quite an extraordinary day. dagen: people were betting the opposite was going to happen and this is what goes on in markets

where bets are wrong. maria: and it is having an immediate negative impact. >> immediate negative impact, not good when a country does this. it is like massive inflation happening overnight. maria: i spoke with wall street forces this morning, they said at some point this will be a buying opportunity. we will see where it settles down. >> not a lot of people expected this even though it was 50/50 but we did see trickling last week volatility has picked up elevated compared to last year. a lot of volatility products were traded. maria: straight to ashley webster in london with the latest on the vote. ashley: good morning. so much for the polls and the bookmakers, a huge shock as it became clear the remain side was losing and that was the result. today the people of britain woke

up to find out they are getting out of europe and find themselves with a new leader. how about that for a friday? the market as he reported reacting as expected. a huge shock several hours ago. prime minister david cameron coming out of 10 downing st. walked to the cameras and said it is time for a new leader following the results of this vote. take a listen. >> i will do everything i can as prime minister to steady the ship over the coming weeks and months. i do not think it will be right for me to be the captain that steers our country to its next destination. this is not a decision i have taken lightly, but i do believe it is in the national interests to have a period of stability and then the new leadership required. there is no need for precise timetable today, but in my view, we should have a new prime minister in place by the time of the next conservative party

conference in october. >> reporter: after that we heard from mark hardy, governor of the bank of england, while he was listening to what was going on with the political crisis he was trying to avert a financial crisis, trying to calm the market saying the financial system in the uk is extremely resilient and they are not where they were in 2007 when the financial crisis hit. he said banks are well capitalized and said to the bank of england we were ready with 350 million pounds, pushing through the system if needed. we are fine, he understood there is a lot of volatility on the news of this vote but he said we will be okay, trying to calm the markets. as you can imagine the reaction from other eu leaders has been one of distress, the german vice chancellor saying this is a terrible day for the europeans, bad day for germany, bad day for

britain so what will be the repercussions? where do the ripples go? will it start a domino effect? polls in the netherlands and denmark show they want a referendum because they believe they would like out. is this the beginning of the end? we have to see. maria: we will get back to you as news develops. let's get to to kt guttenberg from munich. thank you for joining us. you are the former german economic minister under angela merkel. when we spoke to you earlier in the week you had some optimism the uk would stay. how are you feeling today? >> reporter: i feel terrible for europe, i feel terrible for the uk and germany as well. it is a result which leaves the european union sat her. we will face extremely complicated months ahead of us.

the decision of cameron leaves us with a leaderless uk for the next months to come where we have to come to conclusions. it is a difficult day and a day without much perspective. maria: what is most significant for the eu in coming months? it is the redoing of trade and regulation framework in the uk? or is it the absence of the uk in the eu? what are you most worried about in terms of the eu performance going forward? >> the most important thing is an internal signal to those still in the eu. there is a higher risk that others will follow. and and don't see the risk of denmark at other places. the eu, out is out. you don't set an example on the

other hand for those who say it is a free ride, just negotiate, it has to be firm and clear but i don't see the necessary leadership at the moment that is clear enough, has narrative and compassionate enough that is stable for the next year to come. maria: we want to get a panel in here, dagan mcdowell, simon constable, you expect boris johnson to be the next prime minister? >> he very well could be, very charismatic, very smart guy, eloquent speaker, not just a leader, you have to be in the house of commons, could be very good. dagen: i did want to point out because kt was talking about the netherlands potentially, and potentially, calling for a dutch

referendum on eu membership. certainly the verbal push is beginning. this will take a long time from two years if not longer for britain to extract itself from the eu. is that good? it gives time for economies and leaders to adjust or that is years of uncertainty over the continent and britain and the world? >> definitely need this time because the issues we have to resolve now have no historic precedent so far and it needs to be sorted out properly. at the same time we need to reform the european union and that put special pressure on the shoulders of angela merkel, my former boss, the most complicated situation ever in

her career. if she is too strong and too hard others step up and say we don't want to dominant european union dominated by germany. it could lead to implosion of the european bank and such. it is an extremely hard situation for her and what is necessary is in the main european union, a line in the way we have to come to a new structure and some kind of european federalist states and to rethink it. that is extremely different if you have such a lack of leadership in brussels. maria: do you expect the ecb to intervene? we turn to major global central banks around the world with the market selloff as significant as it is right now. in the us we are looking at a 500 point decline. will this pay for the ecb?

>> it would not be well advised to react immediately. it is shock mode in europe. i expect a reaction by the bank of england. the question is whether a strong dollar is something of an advantage for the global market. the ecb does not have much of a bazooka left in whatever direction. maria: we are waiting for boris johnson, former mayor of london, widely expected to be the next prime minister of the uk. when he gets to that podium we will take that live. kevin kelly is with us in a market that has the tao down 500 points. >> you should have a shopping list and be prepared for something like this. maria: let's get to boris johnson right now. >> to begin by paying tribute to david cameron who spoke from downing street.

not only speak for michael in saying how sad i am. i have known david cameron for a long time, the most extraordinary propositions of our age. a brave and principled man who has given superb leadership of his party and his country for many years reforming public services, delivering conservative government, making this the most dynamic economy in europe and his own brand of compassionate conservatism that earned his party the first majority government for decades. it was his bravery that gave this country the first referendum from the european union for 43 years, first time any of us had a chance for this

question. today, all of us politicians should thank the british people. they have been doing our job for us. they hire us to deal with the hard questions and this year we gave them one of the biggest and toughest questions of all. some people announcing that was wrong and the people should never have been asked in this way. i disagree. i believe it was entirely right and inevitable and indeed, there is no way of dealing with a decision on this scale except by putting it to the people. because in the end, this question is about the people, the right of the people of the country to settle their own

destiny. the very principles of our democracy. the rights of all of us to elect and remove the people who make the key decisions in their lives. and i think that the electorate has searched in their hearts and as honestly as they can, on a scale the likes of which we have never seen before in this country they have decided that it is time to vote to take back control. from a european union, remote to opaque and not accountable enough to the people it is meant to serve. in voting to leave the eu it is vital to stress there is now no need for haste and as the prime minister said nothing will

change over the short term except work has to be done to affect the will of the people and extricate this country from the supernational system. as the prime minister has rightly said, there is no need to invoke article l. to those who may be anxious at home or abroad, this does not mean the united kingdom will be in any way less united, nor indeed does it mean it will be less european. i want to speak directly to the millions of people who did not vote for this, especially young people who may feel that this decision in some way involves pulling up the drawbridge or any isolationism, i think the very opposite is true.

we cannot turn our backs on europe, we are part of europe. our children and grandchildren will continue to have a wonderful future as europeans traveling to the continent, understanding the languages and cultures that make up our european civilization. continuing to interact with people of other countries in a way that is open and friendly and outward looking. and i want to reassure everybody that in my view, britain will continue to be a great european power, leading discussions on foreign policy and defense and intelligence sharing and all the work that currently goes on to make our world safer. but there is simply no need in the 21st century to be part of a federal system of government based in brussels and located nowhere else on earth. it was a noble idea for its time. it is no longer right for this

country. and it is the essence of our case that young people in this country can look forward to a more secure and more prosperous future if we take back democratic control that is the foundation of our economic prosperity. i believe we now have a glorious opportunity to pass our laws and set our taxes entirely according to the needs of the uk economy. we can control our borders in a way that is not discriminatory but fair and balanced and take the wind out of the sales of the extremists and those who would play politics with immigration. above all, we can find our voice in the world again, a voice that

is commensurate with the fifth biggest economy on earth. powerful, liberal, humane, and extraordinary force for good in the world. and the most precious thing this country has given our continent is the idea of parliamentary democracy. yesterday, i believe the british people have spoken up for democracy in britain and across europe and i think we can be very proud of the results. thank you finally to everybody at vote leave for the extraordinarily positive campaign. [applause] maria: boris johnson, former mayor of london speaking on the uk vote to leave the eu.

former economic minister in germany under angela merkel, your reaction to boris johnson just now. >> his first part showed us house of cards was originally invented in the uk. unbelievable. secondly i can only say if he wants to see europe and the uk stronger the only two stronger guys at the moment are testosterone driven gentleman in moscow and turkey. the more divided europe is the more the uk will suffer from what is going on. he has to show at the end of the day whether this will work out but the coming months we will have more instability than stability, lovely words but not a lot of substance. maria: you have to wonder what happened in terms of the us and

uk relationship. extraordinary to note similarities of what is going on in britain to what is happening in the us and it does come back to immigration. dagen: it does. i was listening to tony blair. if you remove some keywords in an interview he gave this morning on sky news he might well be talking about the united states in terms of how people feel versus what political leaders are telling them. you want to talk about president obama going to britain and telling us essentially the british people how to vote and making a threat against them. what is the line? you have got to get in the queue? donald trump will say you will be in the first q. maria: we will do a new deal, us/uk. >> why wouldn't you? the fifth largest economy in the world. >> look what happened in norway and switzerland. they are not part of the eu.

they have to be subjected to the immigration policies of the eu and take in the immigrants. a situation where it may be a moot point on immigration. the eu will be like you have to be subjected immigration policies anyway. maria: the us has to negotiate a trade agreement with the uk without europe. it will take more than two years and we won't have article l invoked until this year and a new prime minister. maria: watching development in markets. final word from you. >> i think we will see certain

opportunities and chances which i feel very gloomy this morning, not one of the happiest days of my european life but it offers opportunity. i don't see the opportunity coming from the uk. it needs to be raised on the continent and we need to see what we lost over the last decades, the european dream came to an end now. maria: we will be watching this extraordinary day develop. thank you for joining us in your. joining us from washington is john hammon he. what are your expectations? >> markets never price in the known. they moved by surprise and investors thought the remain vote would win. things will normalize quickly, the fifth largest economy in the

world. it behooves the eu to keep trade relations normal as it behooves the uk to keep trade relations normal with the eu. this will be much ado about nothing when all is said and done. maria: i think i agree with you. seems like a real buying opportunity. if you connect the dots, why global stock markets are selling off this significantly because the uk gaining independence with these new trade deals, they got two years to do it. why the hysteria? >> it hits on what you were talking about. it resembles what happened in the united states. my fear is this is investors reacting to a protectionist lurch among the uk presuming to wall itself off from imports in the way candidate in the us talking about, nothing spooks markets more than trade wars because when trade is free that is the surest sign of peace and prosperity. nothing to do with a vote that will not change in a normal world trade and investment

flows. >> britain has a 3000 year history of trade and britain was at its richest when it had 0 tariffs. probably a return to more free-trade. one of the things now if you have tariffs coming into the eu, makes evererything expensive fo the brits, free-trade will be better for everyone. >> without question the brits taught us when you have open market that allows your people to do what they do best which they are more productive, free-trade has been brilliant for the world but i am worried about falling pound. falling currencies around the world explain the rise in gold prices. investors say countries are walling themselves off. let's hope that is not true. that could be the only reason for the sharp reaction because this vote means nothing. this will be negotiated over two years and it behooves everyone to remain open to one another.

maria: we have seen a bit of a come back, yields have come off of the lows when you look at german yields. dagen: the 10 year treasury yield if we look at it here hit a four year low, 406. that is not quite hitting but certainly close to the post 2008 crisis load. if you look at the 10 year yield, 1.54 there about. futures have come off of the lows of the morning. i want to point out quickly in terms of the betting markets being wrong, gamblers, this is in the wall street journal. by the time the polls close in britain, gamblers staked so many bets on remain that one betting

exchange calculated a 94% chance britain would vote to stay in the european union. maria: the way the british pound was trading over the last couple weeks. >> i don't want to lose sight of the yield conversation. being at 1.51 is a different situation than 2008 when we were at these levels, there was a crisis of confidence at the time. this is a safe haven trade, people are going into this because they need cash and liquidity. maria: that is a very important point. if you look at the last several declines during the financial crisis, it was a completely different underpinning. >> nothing changed in economics in the united states so it is just a safe haven trade as opposed to an indication of where we are in the economy. dagen: you guys can talk to this. in terms of the economy, a near-term recession in britain,

some were worried about a precarious europe and we were barely growing in the united states. maria: it is more than that. dagen: a potential recession in the us. >> investments going into britain, investment stops flowing into britain so it takes a lot of investment and we have a problem with growth. if it continues to grow it will be great and make sure they are for the to capital flows. maria: the question is where did the outflows happen and will we see outflows out of britain on this? you think we will see big outflow? the financial service sector is considering moving operations to continental europe. >> if the pound continues to we can you will see outflow from the uk but the uk is the biggest investor in the united states, the world, we are not part of the eu. capital goes where it is traded

well. england is the most economically advanced country in europe. flows continue in the uk regardless of this vote. maria: thanks for joining us. markets off of overnight lows. we are looking at a large selloff. the uk voting to leave the european union and future still down this morning, 400 points. we are down 504 points was want to bring in bill stone, chief investment strategist at pnc asset management. when you know you get hit hard on the downside what do you do as an investor? >> think about what you have been talking about. is this long-term going to change the trajectory? hard to say because i'm on the side of we know they have to renegotiate trade packs. there is no reason to think this

changes things completely. what people fear in the short run is financial markets can impact the real economy so you watch how strong the us dollar gets because it shows emerging markets see some weakness. we have seen safe haven flows with the us treasury, we will see how quickly that unwinds. the world is not ending and yields come up again. >> we are seeing traffic moves, at what point do we get to less uncertainty? this is sell fresh. the economy is sputtering a little bit. the imf report, it is smaller than it has been in 30 years. >> part of the reason you see more reaction than you have historically, to your point, we

don't have much room for error as we used to have. the us is the best of the bunch but the global economy is not growing robustly. secondarily we talked about gaming odds. this is not going to happen. as the gaming odds, the s&p sold off 3% in a few days when you saw the odds go up and rallied back, part of the big reaction is we were all caught on the wrong foot and that is worth keeping in mind. >> is this like oh my goodness, dump stocks and won't change much. trade will happen whether they do that through europe, goods will get made and be sold to people who want to buy them no

matter what. maria: the eu is the largest recipient of british exports. they don't want that to change. >> the only way is they are mad about this, cutting off your nose despite your face as my mom used to say. maria: we have breaking news. welcome to the program. the united kingdom voted to leave the european union sending global markets into chaos. david cameron has resigned, he will step down in october. we heard from the prime minister, we will bring you that. this historic vote sending global markets into a state of shock. futures are tumbling after the surprise leave vote. jpmorgan, early trading we are seeing heavy selling in futures and in europe. look at germany's dax index down 10%, down 6.7%.

the cac quarante in paris fractionally off of the lows. the british pound crashing to the lowest levels. and they ended down 9%. the financial services sector leading the decline down sharply. european banks down 20%. the country voting to leave the european union. i want to bring in bill cash who is in favor of britain exiting the eu. thank you for joining us. what is your next move? went to these trade deals begin to get made? >> we are going to take things in an orderly and stable manner

to other member states. i am chairman of the equivalent of the european congressional committee, chairman of the house of commons -- i am talking to committees about the process. in addition to that, it is important -- the fact is as it is currently constructed, the trade policy is made by the european union and we make our own. imagine in the united states, 3 or 4 other countries. another supreme court that is that we deal with, and in the single market -- it is -- we

-- a deficit with other member states of 61 billion times a year, whereas in goods and services whereas we make a -- the rest of the world, 31 billion, 10 plan labillion last joirm he on the other hand seven montebello states 81 billion so you can see not really single market which benefits us germany but not for us so you want to be able to do our own deals with other people for example switzerland and just done a deal with india, eu can't do well in india couple hesitant been able to choachieve it ail kinds of reasons why end in other -- terms, with the to us have -- gain or i independence i fought for this 30 years in

1990s over this as well we have now got the referendum now won it. >> i think you make really good point i am grad you brought up single markets that is the point here, 500 million people throughout eurozone what you are saying is you think that the uk can still reach those people, with new trade deals, that will benefit the uk, because your situation do you know whether or not benefit the uk at all. on the phone: absolutely right, actually -- doesn't benefit us but in the same way that they could, we will continue to trade with europe, and european unihe jaerm chief executive says, of course, it wants to continue to trade the beginning of a stabilization process, there has been a lot of talk about armageddon. >> maria: right. >> all organizations, like -- the whole of british economy doesn't work. it will.

maria: a good point you are making i want to bring in simon from the "the wall street journal." >> bill when wealth and riches from the world we have no tariffs i am from britain i know the history of it, does britain have point where we take all the cash away from any of our partners we say look that's it britain gets cheaper, cheaper goods coming in we come back to glory days of the 19th century. on the phone: you know something, you mentioned -- 19th century funnily enough my great grandfathered's cousin john bright was abraham lincoln mentor in civil war, the only picture of -- in abraham lincoln's reception room of john bright, and i am telling you this was free trade in a proper sense, proper free and fair trade. what has been happening, is that we have been absorbed in system doesn't actually work effectively. maria: wow. >> for the reasons i have

given you don't have to remember eu to trade with it, and as i said, actually entered into a very good deal with india very reernlt. maria: interesting. >> sirr -- you are bringing up great points, about it during the week we have weaken reports chinese are worried about the uncertainty and how that they uk, as really a way to access continental europe through banking how does uk plan handling that working with governments that were informs abo nervous about a brexit situation. >> an understanding between david cameron and -- the other trade associations, there was an air of collusion we want to fight various other people to say how terrible in imf, the

fact is ittant armageddon it is actually quite a opposite a new vision a new horizon, that is based on democracy, and the americans above all else my father was killed in normandy fighting americans in normandy, killed 112, i can tell you we love america, but we also know that we can work out relationships not only with america, but also with other countries, and we will continue to do so. providing we are free and we're not free under shackled of the european union essentially doesn't work massive unemployment,, huge unemployment throughout 60%, and actually, is having to survive whole time euro in crisis the european economy is conattracting going down. dagen: to that point i think

the american people given our political situation right now firmly understand, what was going on in britain, certainly better than some of the elites in britain and some of the celebrities low are in favor of staying in junieuropean i kn investors here, there, everywhere in terms of they don't like being told how to feel. >>. maria: yes, you are absolutely right-onon you really got it you got this problem is a understand it increasing -- this is how the european union functions it happens by passing regulations, behind closed doors we have a proper open democratic system all our speeches on the record, can you imagine, the idea in the united states congress, of people difference what is being on in european union we don't have kind of openness that they do passing legacy around the commons ictself.

maria: i totally understand but what about the domino effect let's take scotland, where we know, that they would like to remain in the eu. . on the phone: yes. >> do you think scotland wanting a referendum to perhaps get out of the uk, and donald trump in scotland this morning, he is giving a press conference and we will take lightes take it live interesting to see tell him. on the phone: he has picked up by now nicholas sturgeon just made a speech as you wereing speaking as a matter of fact last five minutes on question of what they are tend to go do i think moving towards the referendum because they want to stay in the european union bufkt under at a legislative arrangement they can't have one without consent of the house of commons, you

might be interested to know i have just this isn't meant to be a plug i am giving my proceeds to help heroes for war merchant verts i have written a book from brussels with love went to top of amazon in the space of one day all about this european issue, and what i can say i am giving the proceeds to help, i am not just using your channel to plug a book for the sake of making money. maria: i understand, it is very great to here that you are he giving proceeds to help heroes from brussels with love the name of the book, that the fact it got so popular so quickly tells you where sentiment is, so bill thank you very much for your insight this morning, bill stone quick this market, off lows nonetheless 500 point sell-off before you go what are you telling clients. >> not to overact i think what we have seen lot when you have it turned out to be an opportunity so i don't think

it is the end of the world and i think worth keeping that in mind. >> good to have you on the program bill stone, breaking news historic vote in britain as voters decide to bailout of the eu leasing global markets in turmoil british prime minister david cameron speaking earlier this morning saying he will resign in october, adam the reaction on the ground? angela merkel is about issuing her sustainability right now press conference taking place in at a compound around -- german politicians reacting foreign minister called this bitter day for europe now senior members angela merkel could legalization in germany is saying that perhaps the eu should welcome an independent scotland, and that it would be perhaps in the best interests, for scotland we're going to go to angela merkel right now issuing her statement. >> --

translator: the fate our interests in economic terms in social terms in environmental terms, in terms of -- and in terms of global competition. we need to draw conclusions from the referendum looking at history we must never forget that in these hours, key, the idea of european you knowification was idea -- after censothe founding fathers found a way to come together, and it was -- >> interested in the reign almost 0 years ago -- 60 years ago for the infuriate should not take for granted where we

can all see that they are moving in a world of turmoil in european, too we feel the lack of freedom of crisis, of political conflict. >> reverberations the effect of this vote in the uk to announce we will he leave the european i know german chancellor observing that -- the need -- >> maria what you heard angela merkel talking about was talking about peace that foundations what have had been the european economic community then eu was this belief if you brought everybody together economically you wouldn't have a world war we had two in europe, so she is hiblth upon tho hitting upon those issues world crisis need to go forward other european leaders prime minister froo france saying we need to look at what happened with this vote, and reassess what the eu stands for, as we go forward, you

have the president mr. hollande from france coming here to meet with angela merkel two largest academies in the eu going forward, to discuss how they go forward, and all of this ahead of the boiling summit in brussels, on tuesday, but what she is talking about in her statement right now, are the foundations of this union, which was desire as she said for peace, you hear that echoed is a wrap up when we spoke to a woman from scotland elsa glenn lives in germany we sponge to her last hour said she is upset and shocked by what happened because she felt they needed to be more unity but, clearly, the majority of people in uk think they can do just fine, being independent. maria: all right adam, by the way, so bill cash are inlined that sentiment for us not word i about uncertainty, adam live on the ground in berline waiting for donald trump to take podium he is in scotland went to open a new

gulf:turnberry what a day to be there on a day a uk is -- speaking out. dagen: certainly trump supporters here in the united states very connected with the way britain voted, to leave eu, a vote against being regulated, by -- the your other european nations a vote against runaway uncontrollable immigration if you will i want to point out something that i read from frank, luntz people are going to connect this vote to britain how trump does in november frank luntz tweeted this morning i thought interesting there is a huge lesson from this vote to respects, personal louis individualize humanize your message, and in terms of if you don't you lose. so that is that is the -- the important takeaway from this, how were british people being communicated to by politicians, celebrities. >> swok basically saying

earlier this is as much about global domination as about european domination in other words, the brits are saying europe is dominating britain, and who is dominating europe? china much about being governed by people who are not in your country, as not, donald trump is in scotland we're seeing him at his turnberry golf course listen to what he has to say. >> -- can you -- the -- >> if the clubhouse, the new trump turnberry range -- >> that golf course, but there are major similarities here here is donald trump. >> -- >> you cannot. >> -- [multiple voices speaking]. maria: sealing pushback here he comes now. >> heckler. >> thank you very much i

appreciate it this is an amazing honor it is amazing day historic day for a lot of reasons not only turnberry, this is one of the big votes in the history of europe, and scotland, and everywhere. it was very exciting coming in we were landing just heard the results so i wish everybody a lot of luck. i think that it is purely historic. and what's happening is historic, so an honor to be with you my mother was born in scotland, stone away she loves scotland would be here a lot would come every year with my sist mar sifter her loyalty to scotland incredible she respected loved the queen, and she loved the ceremony and the pomp and circumstance. and she was somethingspecial, and to think that we would be here in turn berry one day

would be knowledgeab incrediblee to turn bercry with friends have dinner at turnberry she didn't play golf but dinner at a turnberry takings this hotel doing the job we have done with it is just an honor that i was given the opportunity we bought it about 4 1/2 years ago, the town council has been incredible local and alling politicians throughout have been about incredible approved virtually everything we asked for the process is so a historic had doing through many different layers every signel thing we wanting they agreed they thought it was good, and in some cases great, we have taken the lighthouse which is a very, very important building in florida, and in scotland. and we've -- we've taken that building made it something really special.

inside lighthouse right now is incredible suites and called halfway house because this is 9th tee and called the halfway house, and on the bottom you have dining, and golfers will stop go and get something is to eat go into tent hall next door, a and in disrepair all the weem scotland had to go through where i just thank you because it was a -- it was a long, difficult process, getting that approved, but they really wanted to see it, at the highest level and now it is at a higher level than ever was, when you see i don't know if you get the chance but if you do you should try and get to see suites because they are two of the most beautiful suites you will see when waters rough -- it is very calm almost never seen it like this, but sometimes you have waves that are literally crashing on to this piece of land that we're standingn one of the most beautiful sites you will ever see they

didn't exist incredible they have worked with us on design, they wanting to do these changes for probably close to 50 years, because they were so obvious we made certain changes to the course any things we fill ly renovated the course brand-new sprinkler system highest level many halls have been jiggered made longer, and yet the same turnberry, but the hole nine, 10, 11 4 have been changed and moved into the ocean. this hole is an example from approximately this area, you would hit over there this is par-4, and you hit over there, and it was a much different thing now you are hitting out over the ocean. and just to the right of the lighthouse you have a green, and a lot of people think this will be the greatest par 3 anywhere in the world.

and then 10 becomes par 5, that golfers know members know. maria: donald trump in scotland this morning holding a press conference in turnberry at his trump turnberry golf course that is why he is there. very convenient to be there on a day that is truly historic for britain as it votes to leave european i know lee carter a pollster good to see you again your thoughts reaction to what is happening. >> i think this is really playing into broader narrative happening he globally people questioning do i want a gloenl citizen or citizen of my kin first, we're seeing that play out here united states, follow theers of donald trump feel that way making america great i think seeing over there as well people the whole argument about is this -- this is going to create uncertainty for us, if we if we leave, all what is in it for them average person over there is saying, i am not sure that things are not certain i don't think things

are better for my children concerned about pension concerned about benefits they are all going all over the place not just for us anymore, so i think, you know, there is a broader narrative at play here and i think that the communicatorors for the side of trying to get to a main remain didn't get in touch with human feeling people are afraid uncertainty about lives. >> a broader narrative does this help trump i saw headlined earlier dagen said uk votes with trump. and against hillary clinton, and bernie sanders. >>. dagen: the sentiments that drove the vote to exit eu some of the very same sentiments that are driving trump's support here in the united states, i think that he has got to figure out a way, to capitalize on those feelings, he is being very careful here, he is not going to let he is quite frankly not making it about him he remembers when president obama didn't do

remembers this is about british people not about him not about america. >> it is very conciliatory, making it about the vote initially and then about his golf course what he did how he worked with people, because those also -- emphasize the working with us very important. >> i think the important thing he is stand there go in scotland, what is most ironic thing that british we don't want to be subjected to eu scottish like we don't want to be subjected to the uk, that actually just came out because first ministry said she wants a vote on scottish nonprofits befo -- scottish independence before they leave eu. >> the economic cost of exit because much has been talked about, about the hysteria around leaving the eu, what is the economic cost same won "the wall street journal" of the uk leaving the eu? a lot of people wondering if this is going to lead to a

recession. >> it could it could lead to recession big thing we talked about is investment, that moves more than consumption moves in economic cycle if vest dollars keep flowing in they will be dollars they won't be other the economy will grow if they stop going in flow out that will be very bad britain will have to do everything it can to make it a nice place, for capital to flow in having a lot -- cotton sheets clean looks nice come here capital. make us your best. >> i will say jamie dimon talking in a speech jpmorgan can move 16,000 uk based jobs to europe, no memo to staff this morning, not quite as -- not quite as sky is falling. >>. maria: is this memo going out. >> after the vote was

announced said british people voted we have 16,000 employees in uk we are extremely proud of the work they do. regardless of today's outcome they talk about the length of time it is going to be negotiated over a period of years some jobs might have to be moved, because legal structures, to europe but, again, it is not we're going to pull thousands of jobs. >> ridiculous he can move legal struck and leave people in place this idea, that jobs actually have to be moved, from you know, one country to another, when this sort of job, is -- is entirely ridiculous. >> you have to think that if you are a cfo, of a large multinational corporation, are you going to invest in britain? >> yes because it is a -- >> a capital of the europe. >> why -- >> you don't have -- >> uncertainty with trade packs you know you know the bankers frankfurt chomping at the bit. >> in front of the queue want

new deals i will say this the bank of england supervisor arm is in contact with banks, ahead of the u.s. open after britain's vote, to talk about what jobs may move and they are talking about ireland, because of that regulatory but not hysteria i am so happy you brought up that memo from j.p. morgan, because he is trying to calm things his people right now saying let's not get hysterical. dagen: a very reasoned statement to the people. that the framework with eu with the uk and eu, will be negotiated over a period of years, and in months ahead we may need to make changes to our legal entity in europe while changes are not certain we have prepared to comply with laws quite a whiling simon we talk about one thing americans don't understand is how europe, dictated the rules britain had to live by that is one of the reasons that you saw this -- >> that is probably -- one of the things brussels did where

basically, people talk about eu talk but brussels, the amount of tax that would be on alcohol in scotland was dictated by someone in brussels, may be wouldn't have had to have been to scotland. and that was just okay. you got to do it this way, would a state let's take a state at random connecticut would connecticut put up with someone a bureaucrat in washington, d.c., saying this is amount of tax you have to put in liquor in connecticut. >> it was like a super into evidence government could be north america government not elected by people. >> pushed on britain, then the straw broke camel's back open borders angela merkel ideas to bring all of the as many people as possible, into the eurozone, even though britain did not want that policy. >> a huge lack in trust do they trust that the eu is out

for their best interests do they trust, that they are going to be thought of in all things that are important to their lives whether immigration, whether pensions whether benefits national health service all these things that are so important to every day people, i just think that there was a big myth how people felt about that i think really important at the end of the day that these lessons are learned here i think me dismiss populist movement national feeling dismiss all at our peril the bottom line is the working people that average american is out there and feel pain, and just like we're seeing over there not a different situation. >> most time you see people voting pocketbooks in economy we saw that when you prime minister cameron was reelected 13 months ago polls undecided whether he was getting reelected this was on immigration when you see everybody that voted it was basically that was the one issue, is that going to play in november immigration does that play into donald trump?

>> absolutely that is happening net my regression from eu to britain estimated 184,000 people in 2015 approximately 2.1 million from other eu countries living working in britain, are compared to the 1.2 million brits live in eu -- >> how vibrant britain's economy is people are going there -- all the great things they have great weather great food really nice people, it is certainly a better place to live many ways but if you want to get rich or try to get rich you go to london. >> there you go, lee carter great to see you great to be here. >> lee carter joining us right there we are following breaking developments good morning. i'm maria bartiromo it is friday, june 24, 7:00 a.m. eastern at a we have been waiting for joining us breaking news, the uk voted voted to leave european union sent markets into chaos cross the globe prime minister david cameron has resigned as a result, he says he will step down, by this october.

>> the british people have voted to leave the european union and their will must be respected i will do everything i can as prime minister to steady the ship over the coming weeks and months. but i do not think it will be right for me to try to be the captain that steers our country to its next destination. maria: david cameron all ice on former london mayor boris johnson many believe he will be the next prime minister of the uk vote a big victory for him. >> i want you to begin this morning maybe tribute to david cameron has spoken i now i speak of -- saying how sad i am that he decided to step down, he obviously i respect that decision. >> i want to reashower everybody, to great european

power. >> this british vote sent glob markets about in a state of shock u.s. futures tumbling take a look, 544 points lower after the surprise leave vote major dow xoements goldman sachs j.p. morgan deep in red, european banks declines upwards of 25%, in heavy selling, this morning, the ft 100 down 4 1/2 percent cac quarante par was i down 8 1/2% germany dax down as much as 10% we are seeing a bounce on that now, decline of 7%, on the dax, here is one big story british pound crashing to the lowest level in 31 years, this is probably the biggest modify we've seen, in a day for the british pound the british pound down to 31-year low, asia he closing deep in red led by nikkei average in janet yellen stocks down nearly 8% as you can see there breaking down all free-fall this

morning, with dagen mcdowell, simon with us from the "the wall street journal" and kevin kelly recon capital pattern cio cheryl cheryl covering markets all night you've seen the evolution. cheryl: i want to take asia japanos market closed 2 a.m. person time of before cameron addressed the nation we should say moaning hong singapore markets gained back some losses before they closed, same story in yierp so the sell-off in united states today may not be, as worse as it seems now we've got to open find out. maria: watching donald trump and family he is in turnberry in scotland this is golf course that ivanka trump his daughter donald trump on uk vote speaking if scotland to ashley webster live in london we watch ivanka trump donald trump talk about golf course if conversation shifts to broughto broader issue uk exit we get back to donald trump

let's listen in a plin. >> accolade you've been -- mr. peter dawson, thank you peter, thank you for being here. now if anybody would have any questions go ahead anybody? >> yes, john? >> question about the brexit, you see parallel wlen uk in terms of rising against status quo and what might be happening in america, how. >> i do. >> how would trump administration approach the brexit should you be elected president and if scotland voted 62-38 to remain should scotland leave uk has many people are talking about. >> i think i see big parallel i think people really i think people really see a big parallel a lot of people are talking about that, and not only the united states, but other countries. and people want to take their country back, and they want to have independence in a sense, and you see with it europe all over europe you are going to have more than just in my

opinion more than just what happened last night, you are going to have many other cases, where they want to take their borders back they want to take their -- their monetary back, they want to take a lot of things back they want to be able to have a country again, so i think you are going to have this happen in more and more, i really believe that i think it is happening in the united states, it is happening by the fact that i have done so well in polls look at recent polling, you look at swing states you see how i am doing i was not even started my campaign yet essentially we have done very well raising, a lot of money for the republican party, and funding a lot but raising a lot of money john for the republican party you will see numbers over the next 30 days, and in particular, 60 days. the numbers that were put out last week just a start a very small period of time just a start, but we have raised a lot of money, especially he money coming in in small from small donors you will be amazed when you see kind of numbers we are talking about

because we were amazed i was amazed that will be reported fairly soon i do see a parallel between what is happening in the united states what is happening here people want to see borders, they don't necessarily want people pouring into their country they don't know who they are where they come from they have no idea, and i think you know, it not only win but win by bigger margin than people thought would lap. >> how would your administration approach the breksited. >> you have to embrace it, it is will of the people not a question of approaching it is is the will of the people it is always the will of the people ultimately that wins out. >> would you like to see -- scotland leave, sir? >> in britain the markets -- >> nobody knows, look if founded goes down they are going to do more business when the pound goes down more people are coming to turnberry frankly the pound has gone down, and let's see what the impact of that is i think a places like scotland england different places great britain

i think you are going to see a lot of activity, the pound got high, and people weren't able to do may be what they wanted but for traveling for other things you know i think could turn out to be a positive, nobody really knows you will know in five years able to analyze it may be it will take longer than that, but what is known is that they've taken back their independence. and that is a very, very important thing. >> katie? >> -- right now, you are on the world stage are you traveling with any of your foreign policy advisors are you huddling to find out -- >> i have been in touch with them but there is nothing to talk about i have been saying that i would prefer what happened i thought this would be a good thing, i think it will turn out to be good may be short term not but ultimately i think a good thing, and i have actually been in touch and some, by the way, don't like it some do like it you know they are

advisor probable in other -- every won said use advisor that have been really hot last five years i said really i think i want to use ones that is have not been involved to look what happened in the world go ahead katie. >> a special relationship u.s. uk quite sometime with this vote standing in world in europe will certainly be -- their influence diminished will they be first call for you from u.s. -- >> i know first call or second call they will be, a very powerful call a great relationship great allies always have been, i think zero will change on that score, there has never been a better ally, i think nothing will change on that score katie. >> mr. trump, do you believe u.s. should move immediately to renegotiate trade deals with uk or like about president orange county said should uk move to the back of the line in polite of exite brexit vote. >> president obama did say i guess they should move to the back of the line that wouldn't happen with me uk such a great

ally so long they will always we at front one of the line amazing allies good times and in bad times, sometimes they make mistakes together, but as we know, but always been great allies so i will tell you, i think that -- advises surprised when i heard president obama say that, and i think he said that because he thought for sure it was going to stay together, but it didn't stay together, and i felt it wouldn't stay together i think that is is what is happening in the united states it is not staying together, it is a really positive force taking place they want to take their country back the people want their country back, we don't want to lose our jobs, we don't want to lose our borders, they want to have wage increases they haven't in united states folks or for members all my members at turn berry we have had hardworking great people that haven't had a real wage increase in 18 years working harder making less. >> go ahead. >> follow up on that treasury

secretary said the expect if brexit successful a negatively impact on u.s. economy are you worried. >> they don't know look we have to see how it plays out what i like is that i love to see people take the country back, and that is really what is happening in the united states, i think you see that, and that is what is happening in many other places in the world. they are tired of it they want to take countries back this isn't such a phenomena like people say when people asked me what i thought was going to happen as you know i said i think they are going to break away it just turned out that way it with a as a little bit surprising the polls indicated probably that it wouldn't happen, 80%, and when i landed this morning, the first thing i asked is that -- and i mean it was fairly close but it wasn't that close, so -- we will see what happens i think will be a good thing you are taking your country back, you are going to let people that you want into your country. and people that you don't want or people you don't think are going to be appropriate for your country, or good for your country you are not going to have to take, and you know

look europe like united states, has made tremendous mistakes over the last period of time we look at germany look at some things that are happening, this have been tremendous mistakes that have been made so i think it is going to end up being a very good thing but it will take time, okay? >> -- yeah? tom? >> the campaign has gotten global attention all over the world people know who donald trump is pain for president do you think anything you saidn the. >> you states influenced voters here in britain when it comes to leaving eu. >> a good question if i said yes, totally fluffs thinfluenceo is terrible i will never say that i would like to give you that one i can't say that, you know, look, the question was, what do i think i gave my opinion a few times last few months i also said i really don't want people to listen to it because it is not might is about them. it is about them it is their country my opinion is that what happened should have happened i think they will end up being stronger for it

control their country and control everything about their country, yes? >> said you were wrong when you proposed banning muslims from entering u.s. do you think he got mood of his country wrong? do you think i he was right to resign. >> i like david cameron he had couple rough statements that is okay. i think david cameron is a good man he was wrong on this he didn't get mood of his country right he was surprised i think very surprised to see what happened hp. but he is a good man, and he felt that way, and probably did the right thing. but -- we will see what happens, but i like david cameron yes, sir? >> do you think, your argument sovereignty do you think scotland should have independence support that. >> that is up to people of scotland we've been through this again i leave it up to people i love the people of scotland. that is why i built you know i built in abedin one of the

great golf courses of the world aadjudged greater course built new england and i go from 1960 to present. it you know we are very proud of it, and i have got tony know people of scotland so well, and through my mother through everything else the people of scotland are amazing people. . and you know, the question really has to be addressed to the people, it was a very, very close vote. i don't know people want to go to allow that again i was here going through that vote i didn't take sides i will tell you it was a nasty -- i can't magic to go through that again, the people of scotland may speak differently. >> yes, sir? >> based on what you said as well about europe other kinds in europe, would you into are the breakup of the european union that seems to be what would happen. >> looks like it is on its way we will see what happens i can tell you i have a lot of friends living in germany, that have always been very precede germans, to a level

that you wouldn't believe. they would be bragging about their country, they would be talking about their country, as though there was no other place members of mar-a-lago different places that i have, and now those same people some of them are saying they are leaving germany they are moving, never even thought of moving now thinking about moving because of the tremendous influx of people, and you know what is happening in germany it is a real problem. and these are people that were very proud germans that were -- beyond belief they thought the greatest, that there ever was, now they are talking about leaving, germany, and you see the problems in joir germany i could see it happening i have no opinion i saw this happening i could read what las happening hear i could see things happening in germany i hope they straighten out the situation because it could become a nasty can be very nasty what is going on could be very, very nasty,

building safe zones in syria, great idea building safe zones magnificent, big, safe as can be, but when you take them into united states, by the thousands, we don't know who they are, when you take them into germany and other countries, and all you have to do is look around look around the world see has what is happening some real problems. >> -- it is easy for pollings to uimmigration to dwi how do you unity you unit people having a happy country whether people pour into country doesn't work whether because of crime various other things you are not going to be uniting anybody i told you about germany people want to leave germany people i would never in a million years have said these people want to leave they are going to be leaving you can't unite a country focusing down people's

throats that is what happened here people are not happy. >> -- british economy -- investment if scotland in terms of of the -- >> if anything, you know i have big investments over in europe, i have as you know i own doonbeg in ireland a phenomenal hotel one of the most beautiful highly rated hotels all of europe, it has a golf course on this large almost 500 acre parcel of land on about atlantic ocean does great i own turnberry aberdeen going to stop at aberdeen for a while i am leaving i will only be here one night i have to go back campaign i actually love doing to be honest i wanted really i wanted to support my children who have poured their hearts and so you will see into this development. >> so but -- but you know i think you understand, yes. go ahead. >> in campaigning a lot of people -- are saying did you really have to be here nor. >> yeah because you know what

because i support my children. okay, next. yeah don go ahead. >> you mentioned that you pay for turnberry without any debt. >> right. >> now you are a politician, does it bug you have to pick up the phone and ask people to donate to your campaign. >> yeah i don't like doing it. again i am an honest politician probably one of the few. tom is asking does it bother me to when you are raising money again tom i am raising for republican party something i have never done i have always contributed money to lots of people. a lot of campaign contributions over the years. once i ran i became like an outsider i don't like doing that but i have done it we have had amazing week last week i was in houston as you know tremendous lienlz i made a speech in lines were on abc reported abc local followed the lines, all the way out to highways it was actually i have never seen anything like that, and then dallas where we have a similar thing, but we also had fund-raisers and i

really never have done i sit with 20 people we talk, and they all hand you checks, bing, bing, bing, bing, the checks to the rnc the republican party and i feel i have an obligation to do that. and tom, the -- the numbers are going to be i think quite staggering, especially in july, steve is here someplace steve are we doing well steve, huh? there is one of the great an if of the country numbers staggering we started this process a few weeks ago the first filing, was very limited period of time almost before we started the numbers are amazing numbers for smalling donations we are taking a lot of money otherwise but numbers for small donations are coming in at -- i mean it is -- beyond anything that we thought. you know 25 dollar, 50 dollar 100 dollar donations. but we will be reporting in

june but especially the july report i think will show you some pretty massive numbers. >> -- i just did it the other day i match i put up two million dollars, and i say, you know, let's see who is going to go, we have raised more than two but i guess i offered two-million-dollar incentive to people to put up money, and i don't know if that was the reason but we had a tremendous on intos response . >> dna evidenavid. go ahead. >> -- you said that cameron may have misread mood of his country given that president obama tried to nourm people to vote remain a hill hill made it clear she thought should vote remain what do you think former secretary of state what does is a say. >> she always miss read everything, she misread this i was surprised that she was so

bold, and to say the only reason she said it because the obama wanting it if obama wanted the other way said leave, she would have said leave. she does whatever he wants her to do. you know why but that is okay we don't have to get into that, but, i was actually very surprised that president obama would have come over here he would have been so bold as to tell people over here what to do. and i think that a lot of people don't like him. a lot of people voted i think if he had not said it i think your result might have been different but when he said it people were -- not happy about it, and i thought totally inappropriate, and when i said what i said i told people i said don't do what i am saying necessarily do whatever you think but this was just my opinion. he came in and really tried to convince people to stay. and i thought it was inappropriate then she doubled down she did the same thing, and -- obviously for the 219th time, they were wrong. they are always wrong that is the problem with them, yes,

sir? >> -- from -- david cameron was -- could you talk about -- >> i don't know him i am sure he will be good he got it right. so that gives him advantage i don't know minimum. >> mr. trump since your sxain shake-up i guess earlier in the week i can't remember what date is now we have seen a sxain have a has become more focused disciplined aggressive rapidly response you more on point i think than we have seen in you the past, is this the new you? >> i really don't think so first of all, corey was fantastic we did a great job a very small group of people, you know i say to all folks that don't come from united states, i ran a campaign, in the primaries where we got the largest number of votes in the history of the republican party. a primary votes leermger ronal reagan, richard nixon s

eisenhower who helped win second world war a lean campaign fewer people spent less money i funded money myself i spent sara what 55 million dollars i think. >> i think it was but, by the way,, i amorce you know legally i have to pay myself back in other words if i use this is nothing to do with campaign you would be the say this, this is to support my children, but if i use one of my resorts in the united states we have a press conference something, by law i have to pay myself back i would like not to i would like to say use -- let's not bother with it a competent examinep couple people said i pay by law you have to pay yourself back i think we should have been given credit for in addition to winning, to winning with less money spent and with smallest staff. so now we have a staff of 73 people. and hillary has staff 900 people. i won she won. i don't think that we -- i

mean honestly as a businessman i say wow. he won with spending less money and smaller staff i view that as an advantage a lot of pundits says she has much bigger staff i think we are very nimble i think we are doing well you have scene polls coming out they are very close equal we just had one coming out west virginia where i have 25-point lead north carolina came outside 2 point pleaded ohio even penz even a national polls very close i am spending less monday she is spending tremendous amounts of money we have not started yet going to be interesting she spent 28 million dollars, sara spent a lot of money, we are even, and i think that is a good sign. and i think that is a good sign when i won new hampshire i spent a tiny fraction what other candidates spent one in particular i won new hampshire by land skied that person came in a 7th. when you can do it on a

smaller budget, and with fewer people, that is the kind of person they want to be the president. because to me that is big thing, go ahead. >> -- cnn poll want you to cuttize with business. >> will you do that. >> i will do that. >> while running. >> i will do that, well, i don't think it matters it is while i will running while you i am running doesn't matter i am here really for the soul reason although i did want to see job eric did because if he didn't do a is good job he wouldn't be standing here right now i would give him a hard time, right? >> he did a beyond job beyond. this is phenomenal just as you view this great course you have to see the hotel we built phenomenal i will absolutely cut ties the rules are nobody knows never he happened where somebody has this big a business runs for president wins, if i win i would even though i don't have to do that i probably will put everything in trust, my children will run

it along with executives a big company my children will run along with my executives, and just to a good job running it let me tell you the importance of the opportunity that i may be given is so important and so massive making great trade deals with china and with you folks, by the way, but with china the numbers staggering you look at trade deficits four and 500 billion dollars a year, the numbers staggering incredible, i wouldn't even be thinking about the business, i mean who cares, i would actually say who cares, i would absolutely you don't have to do this but would i most likely but it in a blind trust, and they woureason i it r something. >> go ahead. >> i think this is a ninth trump property we visited during your presidential campaign, why continue having events. >> i do use my properties, number one i have best properties okay you can say that i will say a lot of the

press has said whether you like him or not there is no properties like that i have the best properties, and you don't get to see that otherwise, but i have the best properties, the other thing why show you somebody else's properties number one they are not as good number two you know one of those things i wish frankly that i wasn't forced by law to pay myself back we are forced to pay you do understand that because a couple people said paying to campaign i am not paying to campaign would i love to give everything for nothing but by law i am forced whatever fair market value of ballroom whatever we use airplane if i use airplane by law i have to pay it back, and that is what i do that is reflected in the filings. >> mr. trump -- a longstanding tradition in american politics politics stops at a wet's edge given comments about president obama this morning seems you don't seem to buy into that. >> didn't stop at water's edge he made statements about this incredible part of the world, and that this particular

country and frankly, a large group of countries, should do he is constantly dictating to world what they should do world doesn't listen to him obviously you can see by the vote but constantly dictate to go other countries certainly doesn't stop atwater's edge with him, you know very important he got it totally bronc he is embarrassed embarrassed by supreme court decision a real rebuke very embarrassed by got involved i don't know if that was through friendship with cameron it could have been i understand friendship but i can understand yes did it i think it is something i should not have done it is to the his country not his part of the world he shouldn't have done it i actually think that his recommendation perhaps caused it to fail, one more one more question. >> yes? >> how much is [inaudible], economic issues that you hammer home on -- lack of -- >> i think a lot of it is that

i think a lot is i think a lot is immigration, i think i have so many members here hundreds of members in the back i have spoken to them they are not happy with a people flowing into the country, they don't want that to happen. and i think that has a lot to do with it i really think borders, not so different amazing the way world is not so different when other side of the ocean the world is not so different, we are right over there, you go, many, many miles right in that direction. and to be honest with you, i think a lot of it has to do with immigration. but i also think a lot of it has to do with the fact that they wanted to be independent they got tired of sealing stupid decisions like american people are tired of seeing stupid decisions, whether it is iran deal, whether it is a border where people just flow across the border like swiss cheese tiered of stupid decisions looking at honorable trade deals you have bad trade

deals here too, and so i think, i think that has a lot to do with it. >> [inaudible] >> well i think the brexit deal i think when you talk about leave, you know, i felt again, are knowing the people here very well, but not wanted to go get involved but i felt that was going to happen. i felt it was going to happen. and there was great similarities between what happened here, and my campaign people want to take country back may be one more question. >> -- >> you did -- recently -- >> -- well i almost delayed this you know. by the way, they said they were going to be 2000 protesters turned out we counseled them, 4 we counted them 43 over -- 4e 3 they are over there nothing much to do frankly, about 43 on the record, because we heard there were going to be thousands of protesters, 43. members are very happy with donald trump i can tell you is that a correct statement they

love donald trump. >> no, they love what we have done here this is a little bit what we're going to do to the united states you know the united states has rott infrastructure a friend a trucker metabolize land new magnificent trucks costs hundreds of thousands of dollars never had this problem before, getting destroyed because the highways loaded with potholes when you have 18-wheeler 16 wheeler you have big massive trucks and being going down highway at 65 miles per hour, and they hit a pothole loaded up with tons of stuff, he said those trucks no matter how good they get wiped out. and that is what is happening to our country. and i think this is sort of a minicapital what we have been here the members love us scotland lovers us for what we have done a council member here do we have council members here yes, in the coins has been so incredible, and,

you know, just been a big love-fest, what we do is the united states, needs its infrastructure fixed the bridges are a a deficit roads a disaster my friend said go down highs brand-new truck costs hundreds of thousands of dollars destroyed they have to have it rehauled because hitting potholes all over at any highways infrastructure is crumbling in the united states we said probably if you add up now 4 trillions dollars may be more in the middle east we have a problem. >> no, it is not but it is you would be amazed how similar it is it is called it is a place that has to be fixed. and there is in about that knows how to fix things like me, and there is nobody that knows how to build like me. so -- >> television last night i saw you in dark with sign behind you. you were even fairly nice that was -- >> yes, okay.

how about sara go ead, go ahead. >> -- ninth property we have been to tomorrow 10th, you face a lot of criticism people saying you are motivation are really about your brand -- >> i don't -- got my brand i wouldn't even have done this, no, it if about my brand i we haven't have done this i have given a lot. i have given up a(test said i am not going to do it steve burkwanted me to do years more continues to do great i had to give it up not allowed to do this with equal time laws provisions you are not allowed to do it i lost certain things especially early on early onion lost macy's, glad to see placey's stock tanked because they were very disloyal just over subject of illegals immigration i lost the macy' as very endsor for ties shirts things not a big deal but a loss. this was not this is not for brand if i wanted to do good for brand i wouldn't have done

this, because, when you one thing about politics everybody likes me but once you run for politics you have 55 for you 45 against. never had that before, very interesting my wife said to me, you know i have never heard this before this was some of the crowd a little bit hostile. she said i have been with you many years the rowed always loved you now half the crowd hostile half crowd lovers you that is called politics in a little bit, if you run for office, you get 55% of the vote that is considered like a landslide that is a big big difference, but that means 45% of the people don't like you, so for my brand -- this has not been a good thing, although i mean look where we have come we starting out with one in 17, and you know we won, we won, i think we are going to go much further than that, so -- >> the -- this is a tough course, soon i won't be able to be there, hits the ball a mile and very, very good

golfer i think soon my days are numbered, one more question. >> -- you gave a speech. >> common places media outlets say -- you chief been factors of brexit. >> putin and miles chief of about fitting. >> i don't know about that i know how he has been skoernd to a certain extent essentially not a person that likes our president very much our president doesn't like him very much. he said some very nice things about me, i think he probably is somewhat of a beneficiary, and we will see how it works out i think that the -- i think it is going to end up being a great thing, and the beautiful, beautiful, beautiful thing is your people have taken the country back. and there is something very, very nice about that. and they voted and it has been peaceful, and strong very

contentious, many respects i watched last night it was a little bit ugly, but has been an amazing process to watch, it is a big move, and you know when i came here i said who is going to come out here it turned out that probably more people came out here, a tremendous turnout. >> specifically citing -- >> benefit less than listening to likely g.o.p. nominee donald trump in scotland launching his golf course, of course, conversation quickly turned to historic british vote that has sent global markets into at your o moyle takeaways from donald trump just there, i think one of the more important things that was said, correct me if you disagree, is that he said the uk has always been a great ally of the united states, simon that will continue, and he said the uk will be in the front of the line the front of the queue, in terms of a new trade deal. >> that makes sense. >> significant. >> it is significant and completely the opposite of what obama said president obama said, it is fifth largest economy in the world

it has been a greet ally and he want pointed out through good times and bad, britain has been the ally america can rely on, so even when sort of you know differences of opinion all they are two countries stuck together that is very important. >> we want to get to gardiner in a minute dagen much more important hearing donald trump say uk is going to be front of the line there were estimates britain could see trade decline 10, 20% on a leave vote. dagen: there are a lot of unknowns, come back to him, if he stays on message you saw him kind of veering into kind of the rough if you will. when donald trump was talking but if he can take this, and take how the american people feel, about not being listened to by politicians leaders even celebrities how they are completely disconnected from what is really going on, in the -- in the states between

new york and los angeles, if he can stay on message, and really hone it and talk about what really matters, and i thought he was very careful, because he said this is the will of the people. because again he is doing and he did this before he is doing what president obama didn't do, in terms of president obama going over there dictating to the british people, of like, you are going to be he basically it will was a finishingesh wabdz moment you are going to be wagging moment you are youu you will be last in queue for trade with united states president obama said. >> -- >> immigration as well, because immigration is hot topic in united states you immigration one of the biggest reasons the reason the british -- >> have leaders lost touch with the national sentiment, and the national pride that because, the people in britain have, the people in united states have, these are people we talk about it might have

their bobble in one handgun in another pride people in the middle of this country willingly lay lives down to fight for our freedom and again, it is that kind of disconnect, and irony the last more than a year is that donald trump is a billionaire, but you know what he created jobs and he ran a business and that is not and that is a again something that our leaders have been completely out of touch with. >> right. >> what does it take to create jobs in this country. >> gets us to today if joining us historic day, the uk has voted to leave the european union news sparked global market sell-off we are off lows of the morning let me give you a castup in terms of these of where we are futures u.s. have been down as many as 700 points, we are looking at decline of 516 points on dow jones industrial average at open of trading this morning, the nasdaq down, another 3 1/2 percent 160 points, lower, a sharp reaction to the downside on expectations that this will create weakness trade declines, as well as perhaps a

recession. we are bringing in nile gardiner former uk foreign policy director under margaret thatcher director of margaret thatcher sfler freedom you are said lose hysteria not so much if uk votes to leave eu it would be good thing you are he a happy man this morning. >> i certainly am, maria, i think a great day for britain actually you can smell freedom in the air here. in london a lot of celebration, and i think that today britain has retaken itself sovereignty, for brexit vote was really about britain being a free sovereign nation again. a. and rejecting the rule of euro elites, rejecting the rule of you know european faceless

bureaucrats addicted to britain, in many, many respects great for great britain, i think not only do majority welcome this decision i think it is a very, very good development, for the united states, and ultimately for europe as well because the kinds of changes you are seeing in great britain and the sweeping sentiment against the rise of the european super state across europe millions of people share sentiments as well this is just the beginning i think of the challenge to the european project, margaret that muchever once described greatest folly of the era. >> you joined us you said you wouldn't be surprised to see countries phoning up uk saying we want to trade immediately you think uk going to be front of the play on what is your reaction to donald trump? just there, a moment ago saying uk has been a great ally for the u.s. they will be in front of the line when we do a new trade deal, that is what we are going to do.

>> a lot of fronts he points out great britain would be the front of the queue. for u.s.-uk free trade deal same message by senator ted cruz, paul ryan many members of congress, and you know president obama's intervention here in britain clearly backfired. i thought it was extraordinarily arrogant move by president obama, to come over to britain, to warn british people that they would be the back of the queue if they dairied vote leave eu, i was spoking to a taxi driver ledger cab dryers are pro brexit telling me one of the reasons he voted to leave european union ways president obama came over here and told him what to do the british people don't like to be told what to do by figures like president obama, and they believe, in sovereignty and foster home. >> vice president biden made a statement today, he said we

wanted this to go the other way. simon so that sentiment coming out of the white house continuing after vote. >> quite it should go the way of the election goes, but that is the nature of democrat only things in recidivism is wiferen the people. >> o brebrexit campaign what dou think -- >> yeah, i don't think that is correct as well i mean i worked very closely, for many years with many leaders of this campaign including several cabinet ministries who led vote leave the campaign these individuals are not xenophobic at all in fact brexit is about making britain a more global nation, it is not about turning britain into insular country if i want insular look at european union

european inward looking brexit actually i think reasserts britain as truly globally path and i think going to be a new immigration system brought in, post brexit, we based on bringing best and brightest talent all over the world as opposed to you know, a great amount of unskilled labor for many european union countries at the moment i think the breksited side actually has been brexit side positive in terms of its message it has projecting a a message about britis global leadership onstage only a good thing i think. maria: we leave there it thanks for joining us have to morning great to talk about with you -- >> what we hear positive comments, from people on the leave side we are still seeing a market he o sell-off that is the severe. dagen: oi want to put in perspective a terrific article written by suspensor jacob "the wall street journal", talk volatility index the vix

net change in the vik nor absolute level would mark a record in the books, in fact, it would only rank 1600th highest in terms of the vix if you want the look at it trading a little bit over 26 if we have that up, by contrast, on 9/11 spiked to 50, the same for 17 right now the same for the -- 50 would be your level for the collapse of long-term capital management 1998 a little under 90 what it hit height of the financial crisis. >> that is not a -- quote that we saw 17 number that is not open yet. >> that is -- >> indication, indication. >> trading at 26. >> trading at 26, right now. >> 26 and change, but again 25th compared to 50 compared to -- >> this has to be taken in connecticut vix is 30 day forward-looking indicator, and if we go back one month ago was at 13. and we are double that right now, there is still significant unknowns that are

happening in the marketplace don't know if two years. >> ranked 1600. >> comparing it to the other major events, that we've witnessed and have seen, it was up to 50. >> i only bring that up, because something that was spoken about the level of fearmongering with the remain campaign trying to scare people voting with that campaign a big drop in the pound again what inflation does that cause there are a lot of unknowns in terms of of the global markets unraveling perspective. >> a a couple hours ago pressure for dow components in particular technology the banks but, putting out a statement we respect decision of the bus driver electorate saying we have long history of da adapting to change. >> ready goldman sachs comes but a statement adapting ready jamie die monday j.p. morgan a statement i thought that was very that statement why jamie

dimon murdee ooe oon measured. >> market disruption here. perspective. >> keep in perspective. >> adam in berlin with reaction through that part of the world good morning to you. reporter: good morning, everyone here preparing for move in all this angela merkel chancellor in germany issued a statement 45 minutes ago, and was very specific they have a word means break like a cut. only together eu will insert interest in the world they regrets the brexit vote but already invited the president from france hollande to come to britain monday as well as leader from italy to join in

discussion before eu summit on tuesday what does all this mean for the people who count the people who live in eu we spoke to a woman from scotland made germany her home the last four years, elsa glenn is heard mr. to a german here is what she told us. >> for me this is a terrible decision, and i voted to remain. and because i believe that we are stronger in the union than out of the union, and unlike most scots i voted to remain. >> so is a wrap up it is 94 degrees in berlin what is boiling are temperature% of the pollings and some of the people in berlin back to you. maria: interesting adam weather even cooperated, as well, with the leave with that beautiful day that you are in a adam shapiro live no berlin now former u.s. ambassador to

the united nations john bolton ambassador good to see you thanks for joining us your takeaway this morning, as uk, votes to leave the eu in this historic referendum. >> i am slighted i thidelighted self-government people saying we are tired of being ruled by distant unaccountable leaders good for britain good for united states good for western security. , this obviously a lot of complications involved, but he fundamentally the vote needs to happen there will be a ripple effect throughout eu never the same. >> what will happen now do you think in britain when you say, that you know it is good for security, they will start controlling their borders. >> well they will do that but also be an independent voice in if foreign policy again, the way the european union reaches consensus decision making on foreign and security policy, is enough to turn your

stomach you get lowest common compromise denominator when 28 unions go into a warring blender together that is what we have to deal with now brits separate will deal with with whatever is left of the eu this is a plus for nato if we have a president low unnecessary it right now we don't hopefully we will get one. >> you have to ask yourself, dagen, if if fact euro has been a failure i mean the -- the bret did not join euro it was a good decision, and yet when they were considering not you know, leaving eu people got all hysterical. dagen: that plays into the thinking of people who voted to exit that their economy has rebounded much faster than other european economies since financial crisis with them to not part of the passport free attractively rules britain avoided a lot of migrant crisis, plagued germany and other countries, there, but do you think ambassador is there going to be short term pain do

you think for britain in terms of major sell-off in the pound that has to hurt. >> well, i think in short term but let's understand the becausality, not the vote to exit european you know the causality is us delusional mind-set can have key financial industrial leaders who caught up in a religious rapure found it about conceivably anyone would want to leave the market france and are germany down further, because they depend on britain that is why in this negotiation when may not take as long as people have been speculating this morning especially with new prime minister here in the uk, i think the brits have an opportunity to slash taxes, slash regulation, they could become a real opportunity off the coast of europe. >> yes. >> ambassador bolton, i am

getting messages from france and you hadn'tk saying this is going to be a catastrophic they are scared i that i lot nervous do you anything to say to them. >> pick yourselves up get back on track, look -- we are going to get back to ambassador bolton as soon as that little hit in satellite is fixed, apologize for that eu is britain's largest trading partner what i want to know from with a ambassador bolton is is he worried at all about so-called single market 500 million people, throughout the eurozone that britain wants to sell to, obviously want to bring in goldman sachs senior pattern donald trump supporter peter kernen on set good to see you is this trumpism? >> i think there is a rhetorical you are hearing i don't though i he isolated euro skepticism in full flaur

we are going to he a lot of examples what happened last night elsewhere in europe. >> i think there is something significant going on here, and one of the reasons why the market is selling off is because of the banks, right the banks here not only have to face increased regulation when it comes to dodd-frank over 22000 regulations no won unnecessary no legislator read they continue know uncertainty with trade into eu through -- >> regulatory reform an important point all of the rulemaking has to be created, and redone in britain. >> this is in a slow growth environment not only in the united states but cross the globe, right so there are some worries now, so i mean look at interest rates, so my question to you is is what is the best way for the united states, to thrive in the type of environment, donald trump just said, he talked about trade he talked about infrastructure how do we thrive no uncertainly environment like

this. >> one of the things we have double down on ourselves we have been bad keep pace with what was a world class infrastructure i am not the worried about u.s. banks the u.s. economy i they we are going to figure this out 20% exports go to eu of that about 20% go to uk. i think we will survive, i am a little concerned about dollar headwinds i think industrials better weak dollar performance bhit comes to ask exports long term i think going to be fine i don't think the response is absolutely you awful wiven what uncertainty -- >> i am glad you brought up dollar sayings janet yellen last two times that she spoke to the public said there is going to be significant economic repercussions should you britain leave we've seen run-up from loss in february dollar got weak elend supported

to oil z commodities do you think abouting there could be knock-on effects throughout the economy throughout rest of the we are. >> i am not terribly worried i do think the summer of love in terms of no interest rate hibernation frankly, what is going on here, is a cross current that is going to take a a little time, to figure out, i know article says you take two years my opinion is that the financial organization going to move quicker than that. maria: i agree with you. >> the notion doesn't mean you take it. >>. dagen: one thing simon points out i thought interesting how your friends feel in britain that is critical to how the uk economy performs that very kind of freeze up if you will their behavior, and behavior of companies, and business investment that will really dictate in the short one with asset prices falling what do they do how do they act that is recession or not. >> that is an absolutely critical thing although it was a very firm let's leave

european union there was a lot of people who wanted to stay, even if they weren't in majority they matter some very smart people talented one wonders what they will do one hopes they do quota ambassador bolton said knuckle down do hard work. >> if you want to apply an apartment buy an apartment. >> what happens in terms. ecb bank of england peter you said summer of love not so heing interest rate increase i agree though is sort of like the straw that broke camel's back janet yellen not able to raise interest rates do you except bank of england to continue to buy british pound given 31-year low in british pound this morning what percent ecb. >> i think central banks will intervene i don't think thoel do a lot of the good this has to seek its level they will spend money take co-op out throw pound sterling out i don't think a dramatic impact what is sort of interesting in terms of those of the mood of the country people i talked to e-mail in remain youring

dire forecasts and fare rather than aspirational leader can take country to new place i don't think the end of the world as we know the there are too many people rely on uk purchases in europepe, because they have one of those economies that runs a trade deficit. >> does this help donald trump of about you go your take on donald trump he did seem more measured at least beginning of that speech we have heard stories of cash crunch i know a good couple of days good week but has how is fund-raising going. >> started to comment on fund-raising he will tell you magnificently i would say this is very good for trump whether you go to a foreign country say if you don't do what my friend here wants you are going to back of the queue that doesn't help and hillary aligned hers with that

thinking tide of history is turning i think trump in right place if he can be presidential this will help him a great deal measured is what i would suggest right now. >> we have not heard from a hillary in this we collected on twitter not tweeted but, of course, we know where donald trump stands on this former goldman sachs partner good to see elates on reaction to uk decision to leave eu looking at stocks plummet this morning you have got 5 hahn points dow jones industrial average as you can see the nasdaq s&p 500 deeply in red financials leading globally market selloff we will be right back. when a moment turns romantic why pause to take a pill? or stop to find a bathroom? cialis for daily use is approved to treat both erectile dysfunction and the urinary symptoms of bph, like needing to go frequently, day or night. tell your doctor about all your medical conditions and medicines, and ask if your heart is healthy enough for sex. do not take cialis if you take nitrates for chest pain, or adempas for pulmonary hypertension, as it may cause an unsafe drop in blood pressure. do not drink alcohol in excess.

side effects may include headache, upset stomach, delayed backache or muscle ache. to avoid long-term injury, get medical help right away for an erection lasting more than four hours. if you have any sudden decrease or loss in hearing or vision, or any symptoms of an allergic reaction, stop taking cialis and get medical help right away. ask your doctor about cialis and a $200 savings card. if legalzoom has your back.s, over the last 10 years we've helped one million business owners get started. visit legalzoom today for the legal help you need to start and run your business. legalzoom. legal help is here. family road trip! fun! check gine. not fun! but, you've got hum. that's like driving with this guy. all you do is press this, and in plain english, "coolant", you'll know what's wrong. if you do need a mechanic, just press this. "thank you for calling hum." and if you really need help, help can find you, automatically, 24/7. because you put this, in here. hum by verizon. the technology designed to make your car

smarter, safer and more connected. put some smarts in your car.

. . maria: good friday morning, breaking news this morning. friday june 24th, 8:00 a.m. eastern after united kingdom voted last night to leave the european union. prime minister david cameron will step down by october. >> the british people have vote today leave the european union and their will must be respected. ly do everything i can as prime minister to steady the ship over the coming weeks and months but i do not think it would be right for me to try to be the captain that steers our country to its next destination. maria: presumptive presidential nominee donald trump is praising the brits' decision. spoke from scottland, turnberry.

>> it's the will of the people. that's a very important thing. president obama did say, i guess, that they should move to the back of the line, that wouldn't happen with me. maria: in fact, trump said that the uk has been a great ally of the u.s. and will be at the front of the line in terms of a new trade bill. the vote has sent markets to turmoil. jpmorgan are deep in the red in early trading. we have statements from jpmorgan's jamie diamond who are trying t to calm employers who e worried who could take jobs out of britain. take a look. the ftse down 4 and a half percent. the cac quarante down almost 9%. these numbers off of the lows, earlier dax in germany down as

much as 10%. earlier in the u.s. down 700 in terms of futures. lowest level in 31 years. there's the british pound this morning on the vote. asia close deep in red as well. nikkei ended down nearly 8%. we are breaking down all of the information and free fall this morning with dagen mcdowell and kevin kelly, recon capital partners, cheryl casone has been covering the story all night and has watched the developing markets. guys, what a story. extraordinary. cheryl: the volatility is incredible. you saw the bank of japan, the government of japan, but it's the french market being hit the worst of the three which i found surprising. kevin: the pound hit a year high

and went to 150 against the dollar. now here we are at 136. cheryl: who would have thought? maria: let's look at ashley webster with the very latest. ashley, good morning to you. ashley, yes, it's still a little surreal, maria, i think people going about their business today. we've been here throughout the night and in through the morning. people going about their business but some strange feeling even people, eu citizens living now in the uk wondering, well, what happens, do i have to leave, what does that mean to me? my daughter lives in france, i go there seven times last year but i don't want them ruling me. so that was an interesting perspective as well. that's something johnson picked up when he came to speak to the cameras today. he led campaign to lead and he said what it comes down to it's all about control. >> in a poll on the scale which

we have never seen before in this country, they have decided that it is time to vote to take back control. from a european union that has become too remote, too opaque and not accountable enough to the people it is meant to serve. ashley: so there you have it. all aboutwhat happens next in ww that david cameron will be out by october. they need to find a new leader for the conservative party, could it be bori jonson, he's the favorite, by the way. response from the continent from both france, two biggest remaining economies in the european union, extreme disappointment. it's not going to be good britain and certainly not for the eu and now could be the

nexit and danish. that's the fear from brussels, maria. maria: for sure, we are watching that. the potential of dominoes falling. thank you ashley webster. we want to talk about the economic implications here and bring austin, the former economic adviser to president obama, austin, it is always wonderful to speak with you. your reaction to the historic vote this morning and its impact? >> well, we heard a very large crash from the attic and you don't know exactly what is going to be broken up there but you know there's going something broken. i don't think cameron is going to make it till october. i think he will gone in short order. i think this likely heartness

the end of uk, milder immigration, milder costs of trying to hold europe together and i think a lot of the other countries in europe are now going to have their own referendum and bailout. maria: yeah, we have been talking about that, that's the worry of dominoes falling. what do you make of the uk's ability to trade and perhaps avoid recession with other eu members? much has been said about the single market, 500 million individuals living in the euro zone and the uk wants access of those people regardless of in and out. >> i agree with you, i think my answer is sort of on both sides and it just depends on what your time frame is. over the longer run i think they will be able to sort out some kind of trade agreement, there are models, there's a norway model, switzerland, there's canada. each of the countries that are not part of the core eu

enterprise but they have negotiated their way, but in the short run, i think they're very likely to have a recession. they're very likely to run up again and again in a series of details where they say, wait a minute, do you have a banking license in france now, do i have to go back and get a special stamp on my visa and you see the market reaction. i think they are highly likely to go into the recession in the short run. maria: you do? kevin kelly. kevin: i'm glad you brought the recession point is this going to have a chilling effect on investment as well as consumer spending in the united kingdom and actually what is the affect on the u.s. considering we are such a strong trading partner with them already? we already have our special relationship, could that trickle through into our economy given that we are seeing slow global growth as well as slow growth here in the united states? >> you know, both of those are

important points. i think there's -- i don't see how it does not have an impact on british consumers on investment in the uk, et cetera. people are going to way, whoa, wait a minute. let's at least put the brakes on everything until we see how this is sorted out. so i think the closer to the immediate, the worse it's going to be. the special relationship, it's not a very big part of the u.s. economy. so the direct impact will not be that great. if there's a full-blown meltdown in europe and, look, make no doubt about it, in the uk they had a temper tantrum and pitch a fit and broke some thing. now, it's the other guy, they punched the little brother in the face. now the little brother is going to have a temper tantrum.

if it's not as big as that in a weird way, there's a flight to safety so it's driving our interest rates down and driving the dollar up because everybody says, wholly cow. maria: yeah. >> enforces the idea that maybe there were too many regulations in the eu, it just became a paper-pushing nightmare. >> well, look, i'm not -- when obama went to the uk and weighed in as i said, i felt like it was kind of if your little sister was dating a bad boyfriend and you're trying to decide should i say something or should i not say something. i'm not going to weigh in. it's the british people to vote for that and they voted for it. i don't know -- i would say that in the uk they've had the least

direct intervention, if you want to call it from the eu. they've had among the least immigration of all the rich countries because it's harder to get there. they're on an island, they're not connected by land. maria: they don't use the euro. >> and they don't use the euro, exactly. maria: important point. >> the fact that one of the milder affected countries is basically throwing up the hands and saying, i'm done with this, i think it's an indicator that it's a bad future. dagen: it hasn't been that bad in britain in terms of impact. you were using language -- >> down 5%. what do you mean it hasn't been that bad? >> problems with migrants haven't been as bad as other european nations. i will hit on something, when you were talking about this vote and the language you were using,

essentially sounds like these are just children who are throwing temper tantrums and that's kind of what you heard from the leaders there in other places talking about people who wanted to exit the eu and it kind of talks down to people, and i think that's part of the bigger problem although britain maybe isn't as bad off as other european nations. when you have people of power talking to the little folks that way makes them mad. maria: you're going to the end of the line if you vote this way. >> well, hold on. you're mixing up a few things. i agree on the tone of the leaders in the uk. the president going to the uk and seeing you're going to the back of the line, what he was saying was a very specific thing, which is we've got to ttp, they're trying to negotiate a free trading agreement with europe, you can't think if you're the uk that it's going to be immediately easy to just jump to the front and say, okay,

well, we've sorted it out, here is the free trade agreement. it's going to take probably years to negotiate free trade agreement. so if you were counting on in the uk, we will start trading a ton with the united states. you have to do the details and sort that out. maria: that's a good point. >> in the next two years i think there's going to be a lot of stuff that has to be worked out that's going to be somewhat difficult. maria: simon, you brought up the goods and services we are talking about and some of them like pharmaceutical, like arms, you don't think it'll be that difficult. >> there are few countries that produce very sophisticated -- maria: everyone wants to do that trade? >> they're under patent. people want it because they want to get well if they need it and

we have the banking services which sometimes -- and i don't see people moving away from london. if you want to set up a bank, you could set up in the corn field in the middle of kansas, right, but there are no other banks, no people that specialize in doing -- maria: you wanting to where the bankers are, where the money are like london. >> that's a theory, i would just caution you that theory won't be correct because there are financial centers specially in new york, singapur and you look at other places. maria: but where in the euro zone, let's talk about people, are they going to germany, ireland, what's your take? >> some -- there's a lot of banking services within the eu that they will require to take place within the eu, so there

will be some loss just because the eu -- this is the kind of tantrum in reverse that i'm talking about. the eu, they're going to be mad and they're going to say, you just pushed us off and shoved us in the face, well, we are going to show you, we are going to have rules that you can't use in london bank. they'll probably be a flight to switzerland and new york. >> neither of those were in the eu. that's where the sophistication. >> now. now. >> it has been for two centuries. it's been for 200 years. >> may have been true. i'm not saying that we will wake up in three months and look out and say, what happened to the financial sector of london, that will not happen. they are going to remain a very strong financial sector but there are going to be numerous segments of the markets that

question mark has been put on london and you will start to see some activity drifting away. the eu activity will drift to eu-base things and some of the noneu activities will drift to switzerland and new york. >> frankfurt too. maria: trump is at turnberry in scotland, does this play to trump? >> yeah, for sure. maria: for sure. which i think is interesting because there's other news right now, chery casone and i think it's interpreting what bernie sanders has done in the last couple of hours while trump was speaking from turnberry. cheryl: bernie sanders saying that he will, indeed, vote for hillary clinton. his supporters are key to her, if he loses -- excuse me if trump loses the sanders supported that's a win for him and a lost for hillary and the dnc does not want that.

dagen: clinton campaign, she's got the ten times the staff that donald trump does and a whole host of advisers. in the words of elizabeth warren, don't screw this up. they're very aware of what's going on in britain and here and they will craft a message that matches how people feel. you watch it. maria: do you expect a recession in the u.s. in the next year? >> in the u.s. i hope not. definitely not 50%, but you cannot rule it out. maria: and what about europe? what about the eu? >> in europe i think they will have a recession. i don't even know that they ever got out of the recession they were in before. maria: right, austin, it's good to talk to you, my friend. we want to update you on markets does the dow futures have been stableut down sharply. we continue to see a sharp reaction to the uk's decision to leave the eu. it's sparking a global market selloff. the dow jones industrial average

expected to drop 5 points. we are seeing 300 point selloff this morning. joining us director of technical research along with jonathan, he's also a fox news con contributor. what do you say when you see a market down 500 points? what are you telling clients right now? >> wow, that's the word i use to start off. all seriousness, obviously the global markets were taken by surprise today because yesterday's broad base rally suggested that it would be the opposite. the word uncertainty doesn't come close to describe the markets psychology. i think what you're seeing at the tape and what we will be at the opening in new york will be on a short-term basis, hit to the downside, that's normal to

expect in the light of what we are seeing now. maria: do you think this continues is really my question? >> no, exactly. having said all that, having used that as preliminary, having said this, where else can you go but the u.s.? i think it's going to be a great buying opportunity but we have to wait till dust settles. let's look at the dollar and what is doing. safe haven. maria: safe haven. a buying opportunity, where's the bottom, 500 points or do we need to see a thousand point up here in order to get in? >> if i could answer that, i would be walking on water. no, i think it's going to take a little down. wait till the dust settles. kevin: ralph, i look at the markets and we sea peak earnings and we see the fed in retreat and the market has lost confidence, we have seen the job numbers go down, off of this we are seeing the dollar get stronger, that can only hurt us with our largest trading partner the eu, so getting back to how

do we invest in these markets now is the best set of investors go to cash and wait till the dust settles or where do we position ourselves? >> if you were in cash before this happened, terrific, stay in cash. if you're not -- if you haven't positioned yourself for it, i think it's a little too late. again, having said that, wait till the dust settles and i think specially the financials will get hit very hard here short-term. cheryl: jonathan, i want to bring you in because i was looking at financial stocks and potentially to the downside when the market opens, but banking stocks, you're talking about 401k, what do you say to them as they watch the market open? >> dagen, when elephants are dancing, i think ralph hit the nail on the head. you're going to see banking stocks get the brunt of the

open. spain, greece, banking stocks are down 30%. so, you know, i think the big carnage isn't going to be in the u.s. or in britain but it's going to be in europe. in fact, the ftse that's the british stock index is only back down to a 2 or 3-week low. the dow is back down to what it was in march. the fundamentals here at home remain strong even within the banking it's europe that people want to avoid in terms of buying dip in stocks. maria: what's the most important metrics that you're going to be looking at to indicate -- to give you an indication of how deeply the market falls? >> one of the biggest things i'm going to look at is market psychology. start looking at sentiments indicators, see how people get and number two, the best one of all is the vicks, it would get

-- dagen: we don't have a current quote on it. it's like 16th hundred in where the vicss has traded. almost 90 during the peak of the financial crisis. 50 after the collapse of long-term capital management and after the attacks of 9/11, we are not right there in terms of panic at least in that one gauge. maria: jonathan, final comment from you in terms of allocating capital right now, the company called capitalist pig, you must be happy to see the brits taking their independence back? >> well, i think ultimately as i said, maria, the further the british can get away from europe, the further all economies world can be less like europe. i think you have to look at the big picture. only about 20 new lows. i think the bull market in stocks despite the fact that it's going to be an ugly open here at home.

maria: ralph, anywhere to hide today? >> i guess gold and the u.s. dollar. maria: gold is, in fact, rising right now. we appreciate you, gentlemen. thank you, we will take a short break. we have much more on uk's decision to leave the european union. keep it right here.

when a moment turns romantic why pause to take a pill? or stop to find a bathroom? cialis for daily use is approved to treat both erectile dysfunction and the urinary symptoms of bph, like needing to go frequently, day or night. tell your doctor about all your medical conditions and medicines, and ask if your heart is healthy enough for sex. do not take cialis if you take nitrates for chest pain, or adempas for pulmonary hypertension, as it may cause an unsafe drop in blood pressure. do not drink alcohol in excess.

side effects may include headache, upset stomach, delayed backache or muscle ache. to avoid long-term injury, get medical help right away for an erection lasting more than four hours. if you have any sudden decrease or loss in hearing or vision, or any symptoms of an allergic reaction, stop taking cialis and get medical help right away. ask your doctor about cialis and a $200 savings card.

you guy's be good[ bark ] i'll [ bark ]later bye. see ya pal. ever wonder what your pets do when you leave home? [ laughing ] aw you cutie pie. aw. aw. aw. aw. [ barking ] [ washing machine running ] party's on! know what your pets are up to with xfinity home. xfinity. the future of awesome. see the secret life of pets, in theaters july 8th. maria: welcome back, the british vote to leave the european union send stocks lower this morning. the s&p and nasdaq also weaker, this, by the way is off of the lows, earlier decline of 700 points. investors flood to go safe

haven, take a look at gold surging the most. it has surged since march of 2012. the ten-year treasury yield and this off of the worst performance of the morning now showing the ten-year yield. do we have that at 1.5%, i believe or closer to 1.6%. kevin kelly, do yields like this worry you in terms of where this market heads next? kevin: yeah, absolutely. this is signaling that we are in a slow global growth environment. you go to switzerland, their 30 year is negative. you want a return of your money and that's scary because that's been showing in the flows all year long. 60% of asset flows have been fixed income, people have had a flight to safety and we know when a slow global growth environment and ims came out on wednesday and said the middle

class here in the united states is as its lowest in 30 years. there's nothing the fed can do. we have seen job numbers go down. 4.2 trillion. so if we do go recession, we don't have that many monetary tools to push -- cheryl: but kevin, we have seen flight to safety over and over and it's always short lived. it's on emotional reaction. once they get over to shock and calm down -- kevin: artificially suppressed volatility. they prop the markets up. guess what happens next? volatilities come back and we can't stay above 2100 in the market. that's just the fact of the matter. you to go into place that is you can get growth. cheryl: well, it hasn't been europe. kevin: exactly. the dollar will be getting stronger. that's exactly why the markets are trading with they are. even janet yellen said, janet yellen said it herself, the

stronger dollar is going to hurt the economy here. maria: interest rate increase is off the table. they were waiting for brexit, the uk leaves. dagen: fending on what the economy does here, you could see one at the end of the year, perhaps. i think we talk about monetary policy so much, what about fiscal policy, what is the next president going to do in terms of turning the economy around and please stop saying infrastructure spending for the love -- maria: hillary has been saying that. dagen: hillary and even donald trump mentions it because we heard it over and over again. give us something better than that. give us something that isn't directed by the government. maria: he did say he's the best builder. kevin: issue bonds. why aren't they issuing bonds to build stuff? maria: all right, we will take a short break. it's going to $22 trillion in debt. we will take a short break. we are all over the story this

morning, sending british pound to 31-year low versus the dollar. more on the global market reaction and fallout next.

>> good friday morning, everybody, welcome back. i'm maria bartiromo. it's a tough day at the office. friday, june 24th, 8:30 a.m. on the east coast. if you're just joining us this morning, the u.k. voted to

leave the european union and prime minister cameron says he will step down by this october. >> the country has just taken part in a joint democratic exercise, perhaps the biggest in our history. across the world, people have been watching the choice that britain has made. i would reassure those markets and investors that britain's economy is fundamentally strong. >> presumptive nominee donald trump says it's the will of the people. he spoke earlier from his golf course in scotland. trump turnbury. >> they want to have independence in a sense and you see it all over europe. you'll have in my opinion more than just what happened last night. you'll have, i think, many other cases where they want to take their borders back, they want to take their monetary back, they want to take a lot of things back. maria: the white house has weighed in. vice-president joe biden says

the obama administration, quote, would have preferred a different outcome, but the longstanding friendship with the u.k. will endure. this historic british vote sent the global markets into turmoil. fu futures are tumbling in the u.s. and j.p. morgan and others are deeply in the red. take a look at germany's dax index. right now, this, by the way is off the worse levels and the dax had been down 10%. the cac quarante in paris down almost 9% and the s&p 500100 is off the lows, down 1% right now. british pound crashing to the lowest level in 31 years on this exit. asia closing deep in the red as well, the nikkei average in japan. japan ending down nearly 8%. and simon constable from the wall street journal, do you want to weigh in. >> there was a time a bit before 31 years ago when it was

one-to-one for the dollar. >> i remember that. >> and all of the-- . [laughter] >> i loved the '90s. >> the '80s. >> and dealing with a volatile currency and it's an island nation and traded with other countries for 3,000 years, that's what they do, uncertainty is what the british people are used to. they can do this, they will get through this, and they might grumble occasionally, but don't worry. maria: well, they've got some uncertainty to deal with today. i want to bring up another headline that is crossing the tape. that's durable goods orders for the months of may, down 2.2%, and a further indication that businesses are not spending and investing. 2.2 is a sharp number. dagen, once again, evidence of the u.s. economy really at a crowell. >> right, again, struggling to stay off the mat, so to speak. a big drop, but the numbers tend to be volatile year over year. >> the durable goods are more

durable than they used to be. when you buy something now, you buy a washing machine, dishwasher or whatever they don't break as much as they used to. they'll go forever now. maria: they're smart. dagen: and the housing numbers we got earlier this week, existing home prices are back to record levels, new highs and sales are running the fastest clip in years. maria: so a bifurcated economy? >> a completely bifurcated economy. you're seeing that household debt is back to pre crisis level. that's the scary part. and the housing go towards pre crisis levels. you've got to watch debt levels across the globe. maria: the u.k.'s decision to leave the european union will have an impact on investments. and wilbur ross is joining us. thanks for calling in. as a business man, does this decision dictate your behavior? are you going to be pulling out

resources from brit? >> no, i think actually being a bit overdone. the financials, which is name exposure in the u.k. are mostly down about 20% and they had already been fairly weak for quite a while adding on another 20% decline, had happened befor before. maria: so you-- yes. >> i think that this confusion will continue for some little while and the stocks will be very volatile. >> so you think this is an overreaction in terms of the size of the declines we're seeing this morning, and you're waiting for things to settle. does that mean you're going to be a buyer at some point? >> well, probably say.

because it's not the end of the earth. i think it would have been better for the u.k. for sure to have stayed in. i think what will the new leadership do, and negotiating with the eu, and i've said before is, i think this will go down as the most expensive divorce in history between the u.k. and europe, and it's going to be very complicated for them to negotiate with the same bureaucrats in brussels with whom they just thumbed their nose. maria: that's an interesting point. we've been talking about that, how easy it's going to be. most countries want to trade with the u.k., given their services, given things like pharmaceuticals, arms, financial services. >> sure, but 45% of the u.k.'s

exports goes to other eu countries and on the receiving side, there's almost no country in the eu that has more than 1% of its gdp in exports to-- it's an imbalance. the other factor is, every single year of the last, the cu has been the largest single foreign direct investment source, whether that will continue is also somewhat questionable. maria: another point. >> be a bit of a recession. >> as a famed investor, i think it would be important for our viewers here to see, where do you think the best opportunities now are? because a lot of times, there's great opportunity in situations like this. so it would be great to get your thoughts and opinions on where investors should position themselves, whether it's a

particular sector, region, country, stock, anything? >> yeah, i think in the u.k., the domestic financials are a very good place to look. the worry that people have there will be a recession, that the housing market will go down, and therefore, you'll have another wave of foreclosures. my own guess it won't be-- in the case of a major mortgage lender to individual, their loan to value ratios have been around 60%, so, even if real estate really did collapse and go down 10 or 20%. i think that the loans that most other lenders will be still be well covered. so that's why i think this has been a bit overreaction. >> mr. ross, doesn't the fact that britain is a large recipient of foreign direct

investment from the other countries of the european union just tell you it's a very attractive place to invest in, it's a vibrant economy and that people will be, you know, climbing the walls to get there, to try to get some of their money back? >> in recent years, the u.k. economy has been one of the strongest countries from the crash that occurred with the prime crisis in the u.s. so in a strange way agree that the pound, stays down, that will make it a more attractive place for people to operate, an international competitor. it's one of the reasons why i think truly domestic businesses, like the banks, are not going to be hurt as severely as the market seems to be thinking. cheryl: wilbur, it's cheryl

casone. this process is going to take upwards of two years to exit the european union. are' a long-term investor. how does that play into your decision making he ever the next two years? >> well, there's no logic to the two years. the fact is that the eeu constitution doesn't have an actual provisi for-- so this is uncharted territory. so the real question will be not whether they'll be able to make a deal with the eu, they surely will, the question will be what kind of a deal. if you're the eu, you probably want to send a message to save everybody else who may be thinking about partly or total exit. you want to send a message, not

to get out, not quite as fun as it was before. i think they have to try to send that message. and so that's the typical thing to sort through and as well as the --. >> so it sounds like you're waiting and looking for your entry point. you know it's going to be messy and we'll see a selloff, but over the mid to long are term, you think there could be opportunities? >> the u.k. is the-- it has, quickly in the service sector and particularly financials. now, what i think will happen is the highest market here will probably take a bit of a hit. there will be some transferring of trading and banking

activities from london to -- and i think it's almost inevitable. i heard jamie dimon saying that, and the staff could continental europe. some sort of a mild recession, but so far, justifying the combination of currency being depreciated in 20-some odd, would stop. so, i think that's going to be a bit overdone. maria: and quick, you're an owner of major banks in europe, we know that, including greece as well as the major bank that you are the largest shareholder in europe. do you think that banks are going to take resources out of the u.k.? >> i think they will.

ju just-- there will be location for banking activity. maria: where will they go? >> well, that's the big question. naturally frankfurt is putting its hand up. and paris putting its hand up, so there will be no people trying to look at personnel and the other thing that does worry me is the fact of pictures, one genuinely, this is being forced what -- and make some kind of a move. you just wonder whether he'll try to do something relative to eastern europe with the chaos between a lame duck president and a new regime coming in

here, and then all the turmoil of. maria: so you're -- that's interesting. so you think putin could look at the situation and try to take advantage of it in some way and try to do more of a land grab in eastern europe? >> yeah, i think he might very well try to do something. what they're doing, for something else, i couldn't begin to judge, but you look at his pattern. and when he sees confusion, he seems to move in. it wouldn't surprise me if he did something. maria: thank you, wilbur. dagen: putin did say that russia did not influence britain's vote to leave the eu. we're hearing from the. [laughter] i know, and he's already said. maria: it's not his fault, wilbur. that's funny. sandra: we're hearing from the stock market, premarket trading

is heavy, but it's operating normally, a tweet from the nyse, the biggest losers in the dow, you have bank stocks, goldman sachs and j.p. morgan are your two biggest losers, i thought with wilbur ross saying the bank stocks looks overdon. maria: we're following the legal and political economics in the decision to leave the eu. and stuart varney joins us, he he covered the decision overnight. maria: this is an incredible decision. stuart: it's monumental. maria, you and i probably covered some of the major business and financial and economic stories of the past generation and i think this ranks right up there in terms of its importance and its

impact. i think the impact stems from not just the vote of the brits to leave europe, but what comes next. what comes next is the breakup of the european union? that introduces a great deal of uncertainty into the marketplace and that's why you're going to see the financial markets, stock markets around the world come down. whether they stay down is another story entirely, but i think the breakup of europe enhanced by the retreat of the brits from europe, i think that's the diplomatic, economic story of the day. >> yeah, for sure, stuart. and we already have had a debate over the last 20 years about whether or not the euro was in fact a failure. no we're showing the euro zone perhaps we're seeing real unwinding. stuart: i think so. i don't know how long the unwinding is going to take, but the unwinding started yesterday with that vote in britain. probably started before that with the greek problem and the migrant prem and they're at

adds. and have maureen la pen demanding in the chance. and scots want a referendum of their own and can they rejoin the european union? this thing is breaking up as we spoke and that's the financial markets around. maria: extraordinary. dagen. >> in the netherlands, and calling for a referendum in nation as well. do you see people who are energized in this country about this vote? because again, you can call these people all the names that you want, you can call them racist, you can call them xenophobes, whatever you want, but these are people who want to take back their independence and want to reclaim their

national power. stuart: two points taken, dagen, you're right. number one, there are parallels between the vote in britain and the vote that we will take in november of this year. the parallel is that the issues are the same. the brits have spoken and i think that america will speak in a somewhat similar voice. and basically county number two is, what was it going to be. i've forgotten it. and i've been up all night. i forgot my second point. help me out. maria: you're talking about the domino effect, stuart and that's the worry that we would see the scotts, the french and now netherlands decide that they want a referendum and the dominoes will unravel the european union. stuart: i think so. that i think that that is set in progress with the vote yesterday. this parallel between their politics over there and our politics over here, let me, one

step further. i think the left in america is going to start to brand those people who want to control immigration, control the borders and control our society. they're going to keep saying, you're a bunch of hate e.r.s. it's started already. you're haters and dividers ap that's how they're going to want to clamp down on the debate. i think that's going to fail and i think that donald trump will give voice for those who want to say it. i think that pc, political correctness, that comes into play. maria: stuart, you were a part of history overnight. we're all getting a front row seat in this amazing time. thank you. stuart: thank you. maria: "varney & company" starts right after morning with maria. join stuart in ten minutes. the futures are lower, take a look where we are following the u.k. decision to leave the eu,

which is sparking the global market sell yooch. we're going to get reaction from the cme and rj o'brien, jn brady, who has been trading the markets all night. what do you think? good morning to you. >> well, good morning, maria. it's been crazy as you can well imagine. i think the markets are going to take a step lower. the s&p 500 traded overnight at 1999 even and before bouncing on the open. bounce has been rather week and of course, with major announcements like this. >> central banks around the world have not many bullets left, if any. and it's the bank stocks in europe and particularly credit suisse that led this selloff, maria. for investors here in the united states where banks are much more liquid and much safer, we think that investors

should invest a that firm is black rock. they're starting to rollover. that should be a signal, canary in the coal mine, for traders, what black rock is doing, the markets in general. maria: we'll be watching the developments. john grady joining us at the cme group. we continue to follow the developments live following the decision to exit the european union. donald trump praising the outcome of the vote in scotland, earlier today. >> people want it take their country back and they want to have independence in an accident and you see it with europe, all over the in your opinion. you're going to have in my opinion just what hapt last night. many other cases they want to take their borders back and monetary back and want to be a

country again. i think you'll see this happen more and more. maria: joining us now is best selling author who authored books with the presumptive donald trump. your reaction to the events of the moment and also, donald trump's reaction to them. >> well, i would say that the eu is in trouble and so is the g.o.p. you know, the royalty of, i know, romney and mccain and ryan, they better pay attention to what's happening, the same as hillary. and i think this is more a referendum on the politically elite than anything else right now. stuart: that's what we're seeing and it's interesting to know the parallels are what's going on in britain, but also when you compare it to the united states where the people have spoken. >> that's correct. and they better pay attention

right now because you have done a great job covering the thing. the eu is is serious trouble, the euro is in trouble. england will survive, the u.s. will survive, but the biggest economic union, quote, unquote, is in serious trouble and that's going to affect all of us. >> can that be reformed? one of the things we know about western europe, it has tomorrow very large economies. germany is the fourth largest economy in the world and france a big economy, too. and italy. is there a chance for reform. the british couldn't do it, they jumped ship. what do you think? >> you guys have said it all. stuart said it all. it's coming apart. the banking sector, it was never a european union, it was a european, what do you call it, dictatorship. nobody really had a vote. you had to do what these guys in brussels told you you had to

do. the banking is not a union. they have central banks and their economies are so disappointed. how could they ever be a union? that was a bad mistake to call it a union. >> it came out of two horrible world wars, where generations of people were killed. you can understand that and you don't think that will happen again. >> you never know today, but if you look at what's happening, japan and the eu and the u.s. and england are closely aligned. maria: and that's what trump said. dagen: i think it's worth pointing out today when we heard donald trump speak, it says a lot that trump can legitimately criticize president obama for something he said and i'm talking about telling britain that they would have to get in the back of the

cueue, if the trade deals if they voted to leave the european union. usually it's the other way around, but not today. >> that's correct, i think that the g.o.p. and guys like obama and hillary are too arrogant. they're just, too, too arrogant and the people are fed up with it and i think that's really the referendum in the world today. maria: apparently. >> they're in trouble obviously. maria: robert, good to have you on the program this morning, thank you so much. >> thank you, for the time. maria: we've got final thoughts from our all-star panel. my favorite oneliner from one of my guests, that's next. there are two billion people who don't have access to basic banking, but that is changing. at temenos, with the microsoft cloud, we can enable a banker to travel to the most remote locations with nothing but a phone and a tablet. everywhere where there's a phone, you have a bank. now a person is able to start a business, and employ somebody for the first time.

the microsoft cloud helped us to bring banking to ten million people in just two years. it's transforming our world.

>> women back. lots of reaction to this around the u.k. and the world. we're taking a look at some of the major newspaper headlines this morning, and of course, the news of the day is the u.k. has voted to leave the european union. dagen, where does this go from here? >> there's a lot that needs to be sorted out. what is the initial reaction by businesses and consumers to the kind of decline in financial assets. what happens with trade, just in the short run between britain and europe and rest of the world and in terms of job losses and how businesses move, but i think you have people here and there who feel energized because they feel like they have a voice and these are people who don't have entourages and stylists and

speech writers surrounding themselves. maria: there you go. there's a massive reaction, the market will be down 500 at the open and british pound at a 30-plus year low. my favorite one-liner from one of our guests from nile gardiner earlier, he said, maria, you can smell the independence in the air! you can smell the independence in the air. >> june 23rd may be independence day for britain just like we have the fourth of july. june 23rd. >> and the independence smell in the air is going to trickle to france and now we have scotland and they're going to want a referendum on their independence to be out from the british rule. we'll have to see, that's not good for trade. all the dominoes effects is not good for it, especially in the slow global growth environment. >> it's going to look like a jigsaw puzzle. you'll see the parts on the

desk rather that the one. maria: and the market, do you buy it? >> one piece of good news, if you're going to europe in the next few weeks, it's cheaper. dagen: lots of laura ashley dresses, just kidding. maria: we will see you on monday, "varney & company" begins right now. take it away. stuart: thank you, maria. and good morning everyone. a bombshells and the ripples of like tidal waves. britain voted to leave the european union and it was a clear financial victory. the british pound went into freefall. the dollar went straight up and so did gold and stock markets all around the world went straight down. we are looking at a 500 point drop for the dow jones industrial average. point number one, this may be the end of the european union. there are already calls for a leave vote in france. point number two, politically, this looksik